Shares in Charlton soar

The value of shares in Charlton soared today as the club announced a major new share issue. In heavy trading the value of Charlton shares went up 31.48% to a mid-afternoon price of 35.5p.

The club has announced that it is to issue £5.5m worth of new shares. A large tranche of the shares is to go to Derek Chappell who is to join the board. He can claim to be Charlton through and through as his grandfather was a supporter, his father went to the 1947 Cup Final and he has been a season ticket holder since the 1960s.

The additional funds could help to finance ground expansion plans if they are approved by Greenwich Council which in turn would generate more revenue to buy higher quality players.